Opinion of the European Central Bank of  21 February 2006  at the request of the Council of the European Union on a proposal for a Council regulation repealing Council Regulation (EEC) No 3181/78 and Council Regulation (EEC) No 1736/79 in the area of Monetary Policy (CON/2006/8)
Date: 2006-02-21
Institutions: European Central Bank
Subjects: European Central Bank, European Monetary System, drafting of EU law

28.2.2006

EN

Official Journal of the European Union

C 49/35

EUROPEAN CENTRAL BANK

OPINION OF THE EUROPEAN CENTRAL BANK

of 21 February 2006

at the request of the Council of the European Union on a proposal for a Council regulation
repealing Council Regulation (EEC) No 3181/78 and Council Regulation (EEC) No 1736/79 in the
area of Monetary Policy

(CON/2006/8)

(2006/C 49/11)

On 1 February 2006 the European Central Bank (ECB) received a request from the Council of the European
Union for an opinion on a proposal for a Council regulation repealing Council Regulation (EEC) No
3181/78 and Council Regulation (EEC) No 1736/79 in the area of Monetary Policy (COM(2005) 611 final)
(hereinafter the ‘proposed regulation’). The ECB's competence to deliver an opinion is based on Article
105(4) of the Treaty establishing the European Community, since the proposed regulation contains provi-
sions which concern the European Monetary System (EMS) and the tasks of the former European Monetary
Institute, which the ECB took over pursuant to Article 44 of the Statute of the European System of Central
Banks and of the European Central Bank. In accordance with the first sentence of Article 17.5 of the Rules
of Procedure of the European Central Bank, the Governing Council has adopted this opinion.

The ECB has two specific observations on the proposed regulation.

1. Specific observations

1.1. Title of the proposed regulation

The ECB suggests that the title of the proposed regulation be amended to reflect better the subject matter
of the two obsolete regulations that are to be repealed, since both regulations relate to the functioning of
the EMS rather than to the broader area of monetary policy.

1.2. Reference to the ECB opinion

Under Article 253 of the Treaty, regulations adopted by the Council must refer to any opinions which
were required to be obtained pursuant to the Treaty. The ECB therefore suggests that the citations to the
proposed regulation should therefore refer to this opinion.

Where the above advice would lead to changes in the proposed regulation, drafting proposals are enclosed
in the annex.

2. Drafting proposals

Done at Frankfurt am Main, 21 February 2006.

The President of the ECB

Jean-Claude TRICHET

C 49/36

EN

Official Journal of the European Union

28.2.2006

ANNEX

Drafting proposals

Text proposed by the Commission (1)

Amendments proposed by the ECB (2)

Amendment 1
Title of the proposed regulation

COUNCIL REGULATION
repealing Council Regulation (EEC) 3181/78 and Council
Regulation (EEC) 1736/79 in the area of Monetary Policy

COUNCIL REGULATION
repealing Regulation (EEC) No 3181/78 and Regulation
(EEC) No 1736/79 concerning the European Monetary
System

Justification — See paragraph 1.1 of the opinion

Amendment 2
Citations to the proposed regulation

[No current proposal]

Having regard to the opinion of the European Central
Bank [3]
[3 ] OJ C […], […], p. […].

Justification — See paragraph 1.2 of the opinion

(1)
Italics in the body of the text indicate where the ECB proposes deleting text.
(2) Bold in the body of the text indicates where the ECB proposes inserting new text.